Iceland’s genetic homogeneity has given scientists a wealth of information about human DNA as it is passed down through generations. Then there’s India, which “is like a thousand Icelands,” says Dmitri Mehlhorn, an investor in Bangalore-based Medgenome Labs. Medgenome has just raised $4 million to bring DNA sequencing and big-data analysis to India, Tim Hay reports for VentureWire. The deal follows other recent investments involving startups that collect, analyze or present genetic information about disease. Two weeks ago, Andreessen Horowitz and SV Angel joined other investors to provide a $2 million funding round to SolveBio, which is attempting to build a vast database of DNA variants that researchers can use as a tool in diagnosing and treating disease. About three weeks ago, Google Ventures provided the bulk of a $130 million funding round for Flatiron Health, which is building a DNA database and outfitting it to work with electronic medical records.

ALSO IN TODAY’S VENTUREWIRE (subscription required):

True Ventures, one of the young firms leading the way as venture capitalists look to align more closely with entrepreneurs, has closed a fourth fund at $290 million, Russ Garland reports for VentureWire. The new fund comes amid improved venture capital returns data.

Ambition Solutions, which makes a fantasy football-style app to gamify sales and other enterprise functions, has raised $2 million from SV Angel, Google Ventures and others, Lizette Chapman reports for VentureWire.

Chegg, the textbook rental site, agreed to acquireInstaEDU, a site that connects students with tutors for homework and test preparation, in a $30 million all-cash deal.

Gild, a service that companies can use to find and evaluate tech talent, has raised $13.5 million in Series B funding led by Menlo Ventures.

Revolution Foods, which delivers school meals, kids’ snacks and ready-to-eat meal kits made from natural ingredients, has raised an undisclosed amount of new venture funding from Revolution Growth, a similarly named but unaffiliated fund co-founded by Steve Case, Ted Leonsis and Donn Davis.

IDG Capital Partners has closed a $586 million fund focused on making early-stage technology, media and telecom investments in China. Breyer Capital participated in the fund, and founder Jim Breyer will play a leading strategic advisory role.

(VentureWire is a daily newsletter with comprehensive analysis of all the investments, deals and personnel moves involving start-ups and their venture backers. For a two-week trial, click here.)

ELSEWHERE AROUND THE WEB:

Wellington and Fidelity Expected to Lead Uber Investment. A new investment in Uber Technologies will value the on-demand car service app at $17 billion, the WSJ’s Evelyn Rusli and Kirsten Grind report. Uber is close to finalizing the fundraising round, which is expected to total well over $500 million.

The Rise of Virtual Biotechs. So-called virtual biotechs are looking to cut overhead drastically—starting with just one or two partners, they hire consultants, outsource lab work and share office space in incubator-like settings, the WSJ’s Jeanne Whalen reports. These new biotech startups are born of the need to capitalize on fast-moving science in today’s more frugal venture capital environment.

The YC Board of Overseers.Y Combinator President Sam Altmanannounced a new “board of overseers” for the Silicon Valley incubator that includes some prominent entrepreneurs. The board will be responsible for hiring and firing the YC president and occasionally helping with strategic direction. “Hopefully it doesn’t have to meet very often,” Altman wrote.

The Tech IPO Downturn Is Good Medicine. A healthy skepticism led to the recent drop in tech stocks and that’s good for the venture industry in the long run, Josh Green of Mohr Davidow Ventures tells the Silicon Valley Business Journal. The message is that investors will pay for growth but also want profitability or near-term profitability, he said.

A Is the New B. The Series A round is more like a Series B for many Silicon Valley startups because companies seeking Series A money have often used seed financing to demonstrate that a product has legs, Ben Narasin, president of TriplePoint Ventures, the seed-investment unit of TriplePoint Capital, writes in a TechCrunch post.

Venture Deals 2.0. Brad Feld and Jason Mendelson of Foundry Group had so much fun doing their first venture deals class with the Kauffman Fellows Academy that they’ve signed up to do it again.

About Venture Capital Dispatch

Produced by the editors of Dow Jones VentureWire, Venture Capital Dispatch tracks the fast-moving developments at the intersection of high-tech innovation and venture capital finance. Featuring the VentureWire reporting team in the Silicon Valley, New York, Boston and Shanghai tech centers, Venture Capital Dispatch provides insight into the newest start-ups and latest trends in venture capital investing. Write us at VCdispatch@dowjones.com. For more information on Dow Jones products covering venture capital and other financial markets, go to http://pevc.dowjones.com.